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Complex And Competitive Business: MRKT20052

Complex And Competitive Business: MRKT20052

MRKT20052 Marketing Management And Digital Communications

Questions:

Includes aims of the assessment, background information of the company and the product or service chosen.

Specifically, you will be assessed on the following aspects:

a) Organisation analysis – what does it stand for?

b) Industry definition

Situation analysis: includes a description of the potential customers (i.e. market size, buying behaviour, etc.), analysis of the competitors and evaluation of the context (i.e. environmental analysis including political, economic, societal, technological and legal aspects). Specifically, you will be assessed on the following aspects:

a) Macro force analysis

b) Customer analysis

c) Competitor analysis

d) Other stakeholder analysis

e) SWOT analysis

f) Problem and opportunity statement

Discussion of the segmentation, targeting and positioning approach: a discussion on the potential customer segments for your product or service and which one(s) you wish to target with good justifications. Also, discuss the desired positioning for the product or service. Develop a clear positioning statement. Specifically, you will be assessed on the following aspects:

a) Problem statement

b) Discussion of potential market segment

c) Discussion of target market and positioning

Set 3 marketing and 3 financial objectives: provide realistic marketing and financial objectives. Specifically, you will be assessed on the following aspects:

a) Marketing objectives and goals

b) Financial objectives and goals

Formulation of a detailed marketing mix strategy (10 marks): should cover specifics of the product, price, promotion and place aspects. Specifically, you will be assessed on the following aspects:

a) Marketing mix – how are they to be applied?

b) Marketing strategy proposed implementation

Answers

Other Stakeholder Analysis

The corporation has different stakeholders namely 

shareholders, 

employees, 

government, 

diverse consumers as well as 

Media (Goworek  & McGoldrick, 2015).

Stakeholders are the primary assets of the corporation and therefore comprehending the expectations is extremely important. The corporation has undertaken sufficient market research that has again helped in the process of  evaluating different expectations of firm’s customers. The firm  has of late invested profusely for the purpose of offering specialised service through the online channels. Also, the corporation has enhanced its optimism regarding retail sales through the introduction of online shopping platform. 

Employees also play a vital role in the process of attainment of success of the corporation. Wesfarmers provides on-job training to their employees for enhancement of their professional skills as well as competencies. The firm also provide work for a diverse workforce that permits them to hire individuals from diverse ethnic groups, namely Aboriginal Island as well as Torres Strait Island among many others.

Management of the firm Wesfarmers also has an effectual communication stratagem that can aid them in the process of communicating stratagems or else achievements to their stakeholders. So, the firm prepares as well as presents annual along with half-yearly pronouncements via Australian Stock Exchange. 

Problem Statement: The primary problems of Wesfarmers Limited are non-performance of some of the segments of the business that are not equally profitable. In addition to this, experience is necessarily restricted to the nation Australia and this implies low geographic presence (Kotler, 2015).

Opportunity Statement: The business has the opportunity to expand outside the nation Australia and boost the overall growth potential. Furthermore, the company also develops overall quality, experience as well as service benchmarks across various stores for enhancement of productivity. Also, employee as well as customer loyalty initiatives across diverse businesses is also an opportunity for the company to exploit. 

Conclusion and Reference

In the end, it can be said that the study at hand helps in understanding the background of the company Wesfarmers, the product/service it serves and the industry in which it operates. The macro force analysis aids in understanding the environment in which the business thrives using PEST framework. The situation analysis also explicates in detail about customers, competitors as well as stakeholders of the firm. Thereafter, the study critically presents the SWOT analysis and concludes the opportunities and the problems currently facing the firm. Based on the study, it can be said that the management of the firm cam work towards expansion of the business for acquiring more market space and closely monitor all the non-performing segments of the business for optimization of growth potential.

References

Kotler, P. (2015). Framework for marketing management. Pearson Education India.

Goworek, H., & McGoldrick, P. (2015). Retail marketing management: Principles and practice. Pearson Higher Ed.

Chernev, A. (2018). Strategic marketing management. Cerebellum Press.

Weinstein, A., & Pohlman, R. A. (2015). Customer value: a new paradigm for marketing management. In Proceedings of the 1997 Academy of Marketing Science (AMS) Annual Conference (pp. 132-133). Springer, Cham.

Wesfarmers.com.au.(2018). Sustainability.wesfarmers.com.au. Retrieved 11 April 2018, from https://sustainability.wesfarmers.com.au/

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MRKT20052 Marketing Management And Digital Communications

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Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

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Assessment Solutions Of Performance Management- MNGT6275

Assessment Solutions Of Performance Management- MNGT6275

Four weeks ago, prior to your appointment, Madrigal lost a case in Fair Work Commission for the unfair dismissal claim of an employee Oscar Mollic.

The circumstances around Oscar’s dismissal are not 100% clear however his immediate supervisor Zoran Milosovic- fired him on the spot for alleged serious misconduct. Zoran did not keep records and their was no performance issue rather Oscar has been late to work on several occasions. Oscar Mollic claimed his supervisor Zoran Milosovic bullied him, because of his ethnic background – being originally from Bosnia, whilst Zoran was originally from Serbia.  Oscar says he was subject to constant harassment and given poor instructions by Zoran

Madrigal Engineering does not have a formal performance management process- this is one of the things you are currently drafting.

In the case provided before fair work Australia, a plumbing manager lost his job because he failed to follow the set policies of the organization. The company had given clear instructions but the employee acted against the policies. This is not the case with Madrigal Engineering supervisor who sacked an employee and there was no set policies and no clear instructions on how to perform the duties.  In the case of Aly V Commonwealth Bank of Australia, Aly was warned for not following management set procedures and policies. Feedbacks inform of warning will help the organization win cases of unfair dismissal. For the case of Madrigal Engineering, the supervisor did not warn Oscar against coming to work late or even misconduct. Aly lost the unfair dismissal case as the Bank could prove that the employee did not follow the set standards. The decision was backed by contents of minutes of meetings that set the policies. Madrigal Engineering had poor documentation and they could not support the decision to dismiss Oscar and led to loss of the case.

The firm is also supposed to provide procedural fairness when dismissing employees. In the cases of Heidi Cannon V Mornington Peninsula-based poultry farm and Diana Menabue V V Bush in Altona, Heidi  and Diana fought successfully against dismissal on the spot by the firm. Madrigal Engineering did not give Oscar a chance to respond to the allegations and that is why they lost the case. Employee should be given a chance to defend themselves as sacking on the spot is illegal and employers loss such unfair dismissal cases. The procedure also involves investigating the allegations against the employees so as to avoid unfair dismissal. Employees who commit same mistakes should bear the same punishment regardless of the gender involved.

In the case of Anderson V Thiess Pty Ltd [2014], Anderson was sacked for sending offensive message but won the case on the grounds that , no written warning was issued.  In the case of Madrigal Engineering, the supervisor did not ask the employee why he was having misconducts and reporting to work late. Employees should also be treated fairly for effective performance management system and avoid adverse industrial hearings. Employees should not be discriminated on the bases of the race, origin, skin colour or even religion. Fairness should be granted to all employees when decisions are being made. In madrigal Engineering, Oscar claimed that he was sacked because he did not belong to the same ethnic back ground as the supervisor. Without clear documentation and procedures to back the dismissal decision, Oscar will win the case by arguing using discrimination laws.

In conclusion, without strong performance management system, the organization will waste a lot of resources through retention of inefficient workers and legal fees due to poor decisions. It is therefore, important that this organization should employ the performance management model that suits the needs of the firm. Proper documentation is also important in helping the firm make critical decisions which can result to industrial hearings.

References

Bray, M., & Stewart, A. (2013). From the arbitration system to the Fair Work Act: the changing approach in Australia to voice and representation at work. Adel. L. Rev., 34, 21.

De Waal, A. (2013). Strategic Performance Management: A managerial and behavioral approach. Palgrave Macmillan.

DeNisi, A. S., & Pritchard, R. D. (2006). Performance appraisal, performance management and improving individual performance: A motivational framework. management and Organization Review, 2(2), 253-277. 

Moynihan, D. P., & Lavertu, S. (2012). Does involvement in performance management routines encourage performance information use? Evaluating GPRA and PART. Public Administration Review, 72(4), 592-602.

Neves, P., & Eisenberger, R. (2012). Management communication and employee performance: The contribution of perceived organizational support. Human Performance, 25(5), 452- 464.

Pollitt, C. (2013). The logics of performance management. Evaluation, 19(4), 346-363.

Rolstadås, A. (Ed.). (2012). Performance management: A business process benchmarking approach. Springer Science & Business Media.

Stewart, A. (2011). Fair Work Australia: The Commission Reborn?. Journal of Industrial Relations, 53(5), 563-577.

Stewart, A. (2013). Stewart’s guide to employment law (Vol. 3). Sydney: Federation Press.

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